Abstract

Document Sections

I. Introduction (heading 1)

II. Basic Technology of Blockchain

III. Blockchain Technology Architecture

IV. The Applications of Blockchain

V. Challenges and Future Trends

VI. Discussion and Future Directions

Abstract:

Starting from the basic concept of blockchain technology, the paper introduces the architecture of blockchain technology and the typical application of blockchain technology, and finally summarizes the challenges faced by blockchain technology, so as to provide some reference for the technological path innovation and data value reconstruction of deep integration of blockchain technology and various fields.

I. INTRODUCTION (HEADING 1)

Blockchain Technology (BT) is a new decentralized infrastructure and distributed computing paradigm, which uses encrypted chained data blocks to verify and store data, uses distributed node consensus algorithm to generate and update data, and uses smart contract to program and operate data. Its outstanding feature is that it doesn’t rely on the third-party trusted organization to realize the value communication between nodes without trust relationship.

Blockchain is a novel type of distributed infrastructure and computing paradigm that integrates technologies including distributed data storage, peer-to-peer (P2P) transmission, consensus algorithm, and cryptography [1]. It uses block-chain data structures to store and verify data, uses distributed consensus algorithms to generate and update data, uses cryptography technologies to ensure the security of data transmission and access, and uses smart contracts composed of automated script codes to program and operate data [2]. Through the integration of multiple technologies, the cluster jointly maintains the security and operation of the blockchain network and builds trust with machines.

Blockchain has four major supporting technologies: distributed database, consensus algorithm, secure cryptographic protocol, and smart contract. Based on the underlying key technologies of the blockchain, it has the following characteristics [3]: (1) Decentralization. There is no centralized hardware or management organization in the blockchain network. The rights and obligations of all nodes are equal, and the data in the system is maintained together. The suspension of any node does not affect the overall operation of the system.